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What does Kitwave Group s IPO mean for the business and what comes next? | Analysis & Features

By Lyndsey Cambridge2021-05-11T16:14:00+01:00 Kitwave Group’s move to go public last week and list on London’s junior AIM market is big news for wholesale. The family-owned business is only the second food and drink wholesaler to be listed from The Grocer’s Big 30 Wholesalers, following Booker, which trades as Tesco. The Initial Public Offering has seen “strong investors” pour £82m into the North Tyneside-based business, with dibs on shares said to be “oversubscribed” ahead of its 24 May listing, resulting in a valuation for the company of £105m. It will trade with the ticker ‘KITW’, issuing 70 million shares, with senior management retaining 22% of the business. The initial IPO will wipe its £76m of existing debt, a legacy of Kitwave’s steadfast decade-old buy-and-build strategy.

Investegate |AIM Announcements | AIM: Schedule One

  ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT PRIOR TO ADMISSION IN ACCORDANCE WITH RULE 2 OF THE AIM RULES FOR COMPANIES ( AIM RULES ) COMPANY NAME:   Kitwave Group plc Narvik Way www.kitwave.co.uk   COMPANY BUSINESS (INCLUDING MAIN COUNTRY OF OPERATION) OR, IN THE CASE OF AN INVESTING COMPANY, DETAILS OF ITS INVESTING POLICY).  IF THE ADMISSION IS SOUGHT AS A RESULT OF A REVERSE TAKE-OVER UNDER RULE 14, THIS SHOULD BE STATED: The Group is an independent, delivered wholesale business with approximately 1,100 employees and a network of 26 depots able to support delivery throughout the UK, specialising in selling impulse products (such as confectionery, soft drinks, snacks, ice cream), frozen and chilled foods, alcohol, groceries and tobacco to approximately 38,000, mainly independent, customers. Currently, the Group sells a broad portfolio of approximately 3

Investegate |Kitwave Group plc Announcements | Kitwave Group plc: Placing and Proposed Admission to Trading on AIM

  NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM, THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN, NEW ZEALAND OR THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT.   This announcement is not an admission document or a prospectus and does not constitute or form part of an offer to sell or issue or a solicitation of an offer to subscribe for or buy any securities nor should it be relied upon in connection with any contract or commitment whatsoever. Investors should not purchase or subscribe for any transferable securities referred to in this announcement except in compliance with applicable securities laws on the basis of the information in the admission document (the Admission Document ) to be published by Kitwave Group plc in connection with the placing of ordinary shares of one pence each (the Ordinary Shares ) by the Company and t

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